August 2016 E-Newsletter
What's New in the FAA
What's New Around the State
What's New Nationally
What's New in the FAA
The National Apartment Association (NAA) has approved a new unit-based pricing structure that will replace the current pricing structure for the FAA Lease (Click & Lease powered by Blue Moon Software). NAA will be transitioning to the new pricing structure in a manner similar to what the Texas Apartment Association did last year when it moved to unit-based pricing.
During the transitional year, we will operate on two systems: the per-unit pricing system for new sales and renewals (administered by NAA), and click-based pricing (administered by FAA). NAA’s new unit-based pricing structure will automatically be applied when a property renews its annual Blue Moon site license in 2017. Until a property transitions to the per-unit pricing structure, the property will continue to order clicks. NAA is working toward an option which will allow for properties to switch to the new per unit pricing structure before their annual Blue Moon license renewal date — more information on that will be shared as it becomes available.
The annual renewal fee for the units-based model is calculated using the following formulas:
Apartment Package (50 units or more per community):
NAA affiliate membership dues (based on property location)
$300 Blue Moon site license fee
$2.99 annual per-unit fee
Small Owner Package (fewer than 50 units per community):
NAA affiliate membership dues (based on property location)
$100 fee for first 20 units
$5 per-unit for additional units
If you have questions, please email email@example.com.
The apartment sector is experiencing record-breaking growth, but that’s just the headline. The multifamily industry is seeing an increase in new construction, rising occupancy numbers, and strong rent growth. Hear the latest data and trends behind the numbers at the breakout session, "Numbers Talk, but What Are They Saying?" at the FAA 2016 Annual Conference & Trade Show on Friday, October 7 from 9:45 to 11 a.m.
A panel of three of the nation’s leading data provider firms — ALN Apartment Data Inc., Axiometrics Inc., and CoStar Group will share their perspectives on what’s going on today and how Florida’s multifamily market will need to shift focus to meet future needs of the renting population.
Removing standing water, covering water storage containers, and repairing window screens are among the steps recommended by the national Centers for Disease Control and Prevention to control mosquitoes outside and inside homes, and thus help fight the spread of the Zika virus. Individuals can also take steps to prevent mosquito bites. Click the links for more information, or visit cdc.gov/zika/index.html.
The annual meeting of the membership of the Florida Apartment Association shall take place concurrently with the FAA Board of Directors meeting on October 5, 2016 at 10 a.m. in the Royal Palm Ballroom Salons VII and VIII at the Boca Raton Resort & Club, 501 E. Camino Real, Boca Raton, Fla. This notice is hereby given more than 30 days in advance of the meeting, in compliance with FAA Bylaws Article VIII, Section 2, and Article XIV, Section 2.
To help celebrate the theme of "People, Purpose, Passion," this year's FAA Annual Conference & Trade Show will include a "Philanthropy Zone," which will spotlight some of the many ways local affiliates, apartment communities, management companies, and supplier partners support various charities, nonprofits, and other worthy causes.
To participate, send an email to firstname.lastname@example.org with the who, what, when, where, and why of how your organization or community "gives back." Include a high-resolution photo if possible, and provide a contact for more information. Events might include volunteering at a soup kitchen, sponsoring a toy drive or food drive, hosting a bowling night or golf tournament to raise money for a charity, or hosting a job shadowing day for at-risk youth.
Stories and photos will be displayed in a designated "Philanthropy Zone" at the conference at the Boca Raton Resort & Club October 5-7. Some will also be featured in future issues of Multifamily Florida magazine or this e-newsletter. In order to be considered for the Philanthropy Zone, photos and write-ups must be received no later than Friday, September 2.
We know our members do plenty of good throughout the year. Now is your chance to brag about it, so get in the zone and tell us your story.
We look forward to seeing you in Boca Raton!
Support the Nan Cavarretta Memorial Scholarship Fund as you enjoy a selection of award-winning wines in a private tasting hosted by a certified sommelier. Cavarretta, a longtime FAA member and leader who was especially active in educational programs for professionals in the multifamily industry, passed away last year.
Admission is a tax-deductible donation of $30 to the Nan Cavarretta Memorial Scholarship Fund, administered by the Apartment Association of Greater Orlando Foundation. The scholarship funds continuing education for emerging leaders in the multifamily housing industry through FAA's Leadership Lyceum program.
What's New Around the State
8/17 CBRE Brokers Sale of Two Apartment Communities in Central, Northeast Florida for $70.9M
EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Read more.
8/15 MAA and Post Properties to merge in $17 billion combination
The merged company will own 105,000 apartment units, representing the largest publicly traded REIT portfolio by number of owned apartments, and a combined total enterprise value of $17 billion and equity market capitalization of $12 billion. Read the company press release here, and news reports here and here.
8/4 EdR Announces Redevelopment of Off-Campus Student Housing Community at Florida State University
EdR, one of the nation's largest developers, owners, and managers of high-quality collegiate housing communities, has announced plans for a complete redevelopment of one of its off-campus communities, Players Club, at Florida State University in Tallahassee. Read more.
8/24 Preferred Apartment Communities Inc. Announces Acquisition of 290-Unit Community in Jacksonville
Preferred Apartment Communities Inc. has announced that it acquired a recently constructed 290-unit Class A multifamily community in Jacksonville, Florida named Sorrel Luxury Apartments. Read more.
8/15 District on Kernan Completes Multi-Million Dollar Renovation of Apartments and Community Amenities in Jacksonville
The nearly $4 million renovation of The District on Kernan– a 360-unit/1,096-bed community at 3601 Kernan Blvd S. – is now complete, bringing significant upgrades to this rapidly evolving community near the University of North Florida. Read more.
8/15 5-story apartment, retail building in plans for Gainesville
Plans for a mid-rise apartment building with ground-floor retail are in the works, covering three properties from 1219 to 1227 W. University Ave. Initial plans call for a five-story apartment building with 40 to 50 units of 160 to 180 bedrooms and ground-floor retail. Read more.
8/25 Orlando among busiest submarkets for apartment construction
Orlando is among the top 10 busiest U.S. submarkets for apartment construction, an MPF Research report states.The City Beautiful comes in at No. 8 because of its first-quarter 2016 activity that saw 2,531 units under construction. Read more.
8/22 Avesta Communities Expands in Orlando with Acquisition of 348 Units
Avesta Communities announced today the purchase of "Andover at Winter Park," a 348-unit apartment home community in Orlando, Florida. The community will be rebranded as Avesta Winter Park and will be managed by Avesta Homes. Read more.
7/29 Continental Realty Purchases Rockledge Apartment Community for $38M
Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Read more.
8/24 Housing Trust Grows Florida Footprint
With an already strong portfolio of affordable housing communities in the Sunshine State, developer Housing Trust Group has closed $19.5 million in financing and broken ground on another project in Florida. The developer has begun construction on the initial phase of Park at Wellington, a $37.9 million affordable housing community in Pasco County. Read more.
8/19 Iconic Mediterranean Revival Luxury Apartment Community Changes Hands in Tampa
Marcus & Millichap announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit. Read more.
8/15 TGM Associates Acquires Mutlifamily Apartment Community In Saint Petersburg
TGM Associates has announced the acquisition of TGM Bay Isle, a garden style apartment community with 582 units located in Saint Petersburg. The property, completed in two phases in 1998 and 2004, is comprised of twenty-two residential buildings built on a 50 acre site. Read more.
8/19 Harbor Group Sells Two Apartment Communities in South Florida for $105.6M
Affiliates of Harbor Group International (HGI) have sold Turtle Cove Apartments in West Palm Beach and Serramar in Fort Lauderdale for a combined sales price of $105.6 million. Read more.
8/18 IMT Capital trades West Palm apartments for $46M
South Florida’s apartment boom continued this week with IMT Capital’s $45.6 million sale of a gated West Palm Beach apartment complex to the Covenant Capital Group. The deal breaks down to $144,303 per unit. County records show an IMT affiliate sold the community at 1400 Village Boulevard, known as IMT at the Villages, after owning it for only four years. Read more.
8/18 Starwood Capital buys West Palm Beach apartments: $62M
Starwood Capital Group paid $61.5 million for the Turtle Cove Apartments in West Palm Beach as South Florida’s multifamily market remains strong.Records show a Starwood affiliate bought the 444-unit complex at 825 Cotton Bay Drive East for $138,500 per apartment. Read more.
8/12 Developer begins apartment acquisition spree with $44M deal
Miami-based Bar Invest Group acquired the Serramar Apartment Homes in Lauderhill for $44.1 million in the first of what the firm hopes will be several large apartment community acquisitions in Broward County this year. Read more.
8/11 California fund buys apartment complex on Federal Highway for $13.5M
The 85-unit Boca Manor Apartments at 2500 N. Federal Highway sold for $13.5 million to KMF X Boca Manor, an affiliate of the Klingbeil Multifamily Fund X, which is managed by the Klingbeil Organization in San Francisco. Read more.
8/5 Elandis sells bulk apartments in Tamarac: $22M
Elandis, formerly known as FCA Group, sold 222 rental units in Tamarac for $22 million, marking a 46 percent gain from their last trade in 2012.The one- and two-bedroom units sold for nearly 100,000 per apartment. They’re part of a 291-unit complex, Jasmine at Tamarac, that underwent a condo conversion and renovation program in 2006. The other 69 residential units are privately owned. Read more here.
8/4 Marcus & Millichap Oversee Sale of Gardens at Coral Springs
Marcus & Millichap has announced the sale of The Gardens of Coral Springs, a 30-unit apartment community located in Coral Springs, Fla. The asset sold for $3.7 million. Read more.
8/2 Recently built Soleste West Gables sold to investor
The recently completed Soleste West Gables mid-rise apartment complex in West Miami was sold to a Chicago-based investor for $57.4 million. Read more.
7/28 Florida Crystals’ development arm buys site in Palmetto Bay downtown district
FCI Residential, the apartment development arm of sugar producer Florida Crystals, paid $7.8 million for a site in Palmetto Bay’s new downtown district. The Atlantico at Palmetto Bay, which plans to have 271 apartments plus 7,010 square feet of retail, will be the first project under the rezoning plan the village approved in December. Read more.